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Partners' Capital and Distributions
 9 Months Ended
Sep. 30, 2014
Partners' Capital and Distributions  
Partners' Capital and Distributions

Note 8—Partners’ Capital and Distributions

 

Distributions

 

The following table details the distributions paid during or pertaining to the first nine months of 2014, net of reductions to the general partner’s incentive distributions (in millions, except per unit data):

 

 

 

 

 

Distributions Paid

 

Distributions

 

 

 

 

 

Common

 

General Partner

 

 

 

per limited

 

Date Declared

 

Distribution Date

 

Units

 

Incentive

 

2%

 

Total

 

partner unit

 

October 8, 2014

 

November 14, 2014 (1)

 

$

245

 

$

124

 

$

5

 

$

374

 

 

$

0.6600

 

July 8, 2014

 

August 14, 2014

 

$

238

 

$

117

 

$

5

 

$

360

 

 

$

0.6450

 

April 7, 2014

 

May 15, 2014

 

$

229

 

$

110

 

$

5

 

$

344

 

 

$

0.6300

 

January 9, 2014

 

February 14, 2014

 

$

221

 

$

102

 

$

5

 

$

328

 

 

$

0.6150

 

 

(1)                 Payable to unitholders of record at the close of business on October 31, 2014 for the period July 1, 2014 through September 30, 2014.

 

Continuous Offering Program

 

In August 2014, we entered into an equity distribution agreement with several financial institutions pursuant to which we may offer and sell, through sales agents, common units representing limited partner interests having an aggregate offering price of up to $900 million. During the nine months ended September 30, 2014, we issued an aggregate of approximately 11.8 million common units under our continuous offering program, generating proceeds of $669 million, including our general partner’s proportionate capital contribution of $14 million, net of $7 million of commissions to our sales agents.

 

Noncontrolling Interests in Subsidiaries

 

As of September 30, 2014, noncontrolling interests in subsidiaries consisted of a 25% interest in SLC Pipeline LLC. On December 31, 2013, we purchased the noncontrolling interests in PNG, and PNG became our wholly-owned subsidiary.